Summary

• Invesco Rochester® New York Municipals Fund Class A shares at net asset value underperformed its style-specific index, the S&P Municipal Bond New York 5+ Year Investment Grade Index.
• New municipal issuance reached $135 billion, 11% higher than the first quarter of 2025, likely driven by significant US infrastructure needs and higher supply costs.
• Municipal mutual funds and exchange-traded funds had strong net inflows over the quarter, totaling approximately $26 billion.
• Invesco is maintaining the fund's duration exposure, having identified particular value at the long end of the yield curve, specifically in maturities of 15 to 20 years.
• The fund's security selection among hospital bonds and an overweight allocation to airport bonds within the transportation sector added to relative performance.

Q1 2026 Key takeaways

1 Fund performance

Invesco Rochester® New York Municipals Fund Class A shares at net asset value (NAV) underperformed its style-specific index, the S&P Municipal Bond New York 5+ Year Investment Grade Index.